Bailey Pushes Back Against Nationwide Fraud Unit

Bank of England Governor Andrew Bailey has urged the UK government to leave the City of London Police in charge of fraud and economic crime enforcement in the financial district. This comes as the Home Office plans a package of reforms that could move powers to tackle fraud into a new, nationwide police service.

Bailey made this rare political intervention at a gathering of the City of London Police Authority Board on Monday night, September 15, 2026. He argued it is 'natural that the specialisms in financial crime should be located alongside the center of financial activity,' suggesting the City of London Police are better equipped to handle fraud cases.

The governor's comments have sparked debate over whether a unified national approach or specialized local expertise is more effective in tackling financial crime. The Home Office's proposed reforms aim to streamline and strengthen law enforcement, but Bailey's stance suggests some may prefer to maintain the status quo.